Should we sing the And or the Or ?

This was sung recently and I was moved by it. But I kept hearing:

"Than to be the king of a vast domain
OR be held in sin's dread sway."

And I was think to be a king is not sinful or opposed to Jesus the King of kings. Shouldn't it be AND?
I looked it up in 10 hymnals and one and only one had AND. And I am happy, I was not the only person to find the OR a problem.

.......

1 I'd rather have Jesus than silver or gold;
   I'd rather be His than have riches untold;
   I'd rather have Jesus than houses or lands.
   I'd rather be led by His nail-pierced hand

[Refrain:]

Than to be the king of a vast domain
And be held in sin's dread sway.
I'd rather have Jesus than anything
This world affords today.

2 I'd rather have Jesus than men's applause;
   I'd rather be faithful to His dear cause;
   I'd rather have Jesus than worldwide fame.
   I'd rather be true to His holy name

[Refrain]

3 He's fairer than lilies of rarest bloom;
   He's sweeter than honey from out the comb;
   He's all that my hungering spirit needs.
   I'd rather have Jesus and let Him lead

[Refrain]